Global Alumina Announces Updated Interim Project Budget

TORONTO, Sept. 2 /CNW/ -- Global Alumina Corporation, a corporation participating in a joint ventureto develop an alumina refinery, mine and associated infrastructure in thebauxite-rich region of the Republic of Guinea (the "Project"), announced thatthe joint venture has approved an extension and increase to the interimProject budget through September of $30.9 million (including $5 million inadditional commitments) of which Global Alumina will be responsible for itsone-third share. Global Alumina and its joint venture partners are developing a 3.6million metric tons per annum steady state capacity alumina refinery locatedin the bauxite-rich region of the Republic of Guinea. The joint venturepartners in the Project are Global Alumina International, Ltd., a wholly ownedsubsidiary of the Company, BHP Billiton, Dubai Aluminium Company Limited andMubadala Development Company PJSC. The Project is one of the most advanced newprojects in Guinea with the refinery already in feasibility stage and criticalpath infrastructure and site work already underway. Global Alumina ispositioned to be one of the only companies focused solely on aluminaproduction and sales. The Company offers a first mover advantage over otherprojects in the region and an opportunity for socially responsible investingin a country that holds over one-third of the world's bauxite resources. Global Alumina is headquartered in Saint John, New Brunswick and hasadministrative offices in New York, London and Montreal.